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Author Topic: Federal Budget 2018-19  (Read 4884 times)

Online ozbob

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Re: Federal Budget 2018-19
« Reply #40 on: May 09, 2018, 03:37:11 AM »
https://twitter.com/newscomauHQ/status/993804936961028096
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #41 on: May 09, 2018, 06:12:55 AM »
https://twitter.com/Robert_Dow/status/993887518452928512

Yo.  Inclined to agree,  a lot of it is ' pipeline ' stuff.   Has the pipeline been actually built yet? 

 ::)
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #42 on: May 09, 2018, 08:25:51 AM »
https://twitter.com/DarrenDavis10/status/993972765970452480
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #43 on: May 09, 2018, 10:57:43 AM »
http://statements.qld.gov.au/Statement/2018/5/8/turnbull-budget-shortchanges-queensland

Media Statements

Deputy Premier, Treasurer and Minister for Aboriginal and Torres Strait Islander Partnerships
The Honourable Jackie Trad

Tuesday, May 08, 2018

Turnbull Budget short-changes Queensland

Queensland has been left with the crumbs in tonight’s Federal Budget, with re-announcements and hollow promises taking centre stage.

Deputy Premier and Treasurer Jackie Trad said that the Budget showed a lack of awareness about Queensland.

“The Turnbull Government again showed that they have no idea about Queensland,” Ms Trad said.

“All we were asking for was a fair go. It’s what Queenslanders deserve from their Government.

“But unfortunately this Budget saw more of the same from the Malcolm Turnbull and the LNP, with big promises for New South Wales and Victoria and Queensland left with the crumbs.

“While working people got crumbs, big business got an $80 billion handout.

“That’s $80 billion that should be going to schools, hospitals and transport in Queensland, not into the pockets of banks and developers.

“There wasn’t a cent for critical programs like the National Partnership on Remote Indigenous Housing (NPARIH), which will disproportionately impact some of Queensland’s most disadvantaged communities.

“There was zero funding for projects like Cross River Rail, which will get people home faster and deliver thousands of jobs in one of Australia’s fastest growing regions.

“There was nothing for the Rockhampton Levee and the Townsville Port, important infrastructure measures that we’ve already committed money to.

“The big ticket promises the Turnbull Government are making are on the never never, the majority of the money won’t even be allocated for up to four years meaning Queenslanders will be waiting years for the Commonwealth to deliver on their promises.

“The major road projects promised on the M1 and the Bruce Highway won’t receive major funding allocations for at least four years.

“The hyped $1bn urban infrastructure fund is a dud for Queensland – $0 this year and only $40m over the next four years.

“What’s clear from this Budget is that Malcolm Turnbull only has a plan for his re-election, not a plan for the nation.”

ENDS
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #44 on: May 09, 2018, 11:11:03 AM »
Sunshine Coast Daily --> Budget is a 'pea and thimble trick'

Quote
THE Federal Government has been accused of using a "pea and thimble trick” to give the appearance of addressing the extent of problems facing older Australians.

Sundale CEO and former Leading Age Services Australia director Glenn Bunney said the 14,000 extra high-care in home packages to be provided by 2021-22 at a cost of $1.6 billion was a confidence trick.

Mr Bunney said the money replaces $3.2 billion cut from the 2017-18 Budget by the Turnbull Government.

He said at the end of December last year there were 105,000 Australians on a waiting list for high-care packages.

"They are not scratching the surface,” he said.

"They have left older Australians out completely.”

Mr Bunney said the lack of funding would have an impact elsewhere with extra pressure on general practitioners and hospitals.

More impressed was Sunshine Coast Business Council head Sandy Zubrinich, who said the government had been afforded wriggle room by a $30 billion revenue windfall.

Ms Zubrinich said the Budget had the feel of an election this year, something Fairfax MP Ted O'Brien all but ruled out. He said he expected one early next year, most likely before the end of the financial year.

Ms Zubrinich said tax relief for lower and middle income earners and support for pensioners would help put money into the economy.

"Tax incentives are good for the economy and our regional economy,” she said.

Ms Zubrinich said that coupled with reverse mortgage loans to low income superannuates and part pensioners, they would help make people more secure and increase their confidence to spend.

She said phased in tax cuts may seem trifling to some but would make a big difference for those doing it tough.

Sunshine Coast Chamber of Commerce president Michael Shadforth was equally impressed.

He said it was good to hear the funding for the Bruce Highway and rail "come out of the Treasurer's mouth”.

"That's a fantastic result,” Mr Shadforth said.

"Have we had a better budget for the Coast?”

That's a question for which Mr O'Brien had an immediate answer.

"I reckon it's probably the biggest infrastructure spend in the Sunshine Coast's history,” he declared.

Mr Shadforth was also pleased with measures that would help stay on the Coast those who may have had to move away for financial reasons.

"This is a lifestyle destination and tax cuts help people hold onto that choice,” he said.

"If you have dual incomes both under $90,000 each why would you live anywhere else.”

He said measures targeting the aged would also allow people to grow old gracefully in familiar surroundings.
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #45 on: May 09, 2018, 11:53:59 AM »
https://twitter.com/RMIT_CUR/status/994032479315968000
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #46 on: May 09, 2018, 02:00:01 PM »
https://twitter.com/nickharmsen/status/994062927018807298

 :-\
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #47 on: May 09, 2018, 06:09:56 PM »
Brisbanetimes --> South-east Queensland's unfunded critical infrastructure projects

Quote
Six of south-east Queensland’s most critical infrastructure projects received funding in the 2018 federal budget, but rail, bus and road projects are yet to be financed.

The Council of Mayors (SEQ) submitted its federal budget wish-list in December and travelled to Canberra in March to seek a funding commitment from the Commonwealth.

The mayors’ submission included several of the most critical infrastructure projects, some of which received funding, while others are still waiting.

When the federal budget was handed down on Tuesday, billions of dollars was committed to six of the wish-list projects, including the North Coast Rail Line, Bruce Highway Upgrades, Brisbane Metro, M1 Pacific Motorway, Cunningham Highway and the business case for passenger bus/rail from Toowoomba to Rosewood.

The unfunded critical projects include the Brisbane Valley Highway Upgrade between Blacksoil and Blackbutt, the Manly to Cleveland Rail Duplication, the Eastern Busway to Capalaba and the Mt Lindesay Highway upgrade business case.

Redlands mayor Karen Williams said the Manly to Cleveland rail duplication and the Eastern Busway extension had been on wish lists with both the federal and state governments for many years.

“Obviously we are probably going to need a partnership approach from those levels of government to make them a reality,” Cr Williams said.

“We notice there has been quite a bit of rail spend in south-east Queensland and I’m happy for south-east Queensland, but we don’t want to be the last mile of infrastructure delivery here in the Redlands and we need that duplication of rail to get people out of their cars.”

Cr Williams said she was grateful for any level of support, and hoped the state government would fund the business case for the Eastern Busway extension in its budget to be handed down in June.

Scenic Rim mayor Greg Christensen said he was disappointed there was no money for the Mt Lindesay Highway upgrade business case in the budget.

“Maybe one of these days the freight will grind to a halt and then when people can’t get food in the supermarket or construction material to their project they will realise [the importance of the highway upgrade]," he said.

Cr Christensen said the corridor was already well above its capacity and had no public transport available but the regional council needed help funding the business case.

“Any form of investment in a business case would be beyond our individual capacity,” he said.

South-east Queensland’s most critical infrastructure projects as identified by the Council of Mayors (SEQ):

    Brisbane Valley highway upgrade – Blacksoil to Blackbutt
    North coast rail line – Beerburrum and Nambour
    Bruce Highway upgrades – Pine River to Nambour
    Manly to Cleveland rail duplication
    Eastern Busway to Capalaba
    Brisbane Metro
    M1 Pacific Motorway upgrades
    Mt Lindesay Highway upgrade business case
    Cunningham Highway – Yamanto to Willowbank
    Passenger bus/rail service business case – Toowoomba to Rosewood
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Offline Stillwater

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Re: Federal Budget 2018-19
« Reply #48 on: May 09, 2018, 10:09:15 PM »
Ms Trad let slip tonight in an interview what her dilemma is - "Every dollar Queensland is required to contribute (to a project partially funded by the feds) is another dollar Queensland has to borrow on the credit card."  She makes no mention of the windfall gains that flow from development occurring as a result of improved infrastructure.  Just think of the sales tax on all those new houses between Brisbane and the Gold Coast, or at Caloundra South.

Queensland is not selling off government assets, as occurs in NSW, so the 50:50 or 20:80 split for project costs is not as acute AND the southern states have bigger revenue bases.

Offline #Metro

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Re: Federal Budget 2018-19
« Reply #49 on: May 09, 2018, 11:04:41 PM »


Quote
Queensland is not selling off government assets, as occurs in NSW, so the 50:50 or 20:80 split for project costs is not as acute AND the southern states have bigger revenue bases.

I think that is right Stillwater, that higher ratio might be because of the asset sale bonus program (happy to be corrected). In any case, nobody cares about negative bleating from Trad et al., we have all come to expect this. Media have already moved on to talking about the dual citizenship crisis with four senators having to resign (taking the total to about 15 MPs impacted so far).
Negative people... have a problem for every solution.
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #50 on: May 10, 2018, 02:22:45 AM »
Couriermail --> Federal Budget Queensland transport funding a con: RACQ

Quote
QUEENSLANDERS have been ripped off by the Federal Budget, with funding for major transport projects hidden behind smoke and mirrors, according to the RACQ.

The motoring group’s head of public policy Rebecca Michael said total funding for road and rail projects in Tuesday’s Budget was $400,000 less than last year, with only a small fraction to be spent in the coming year.

“This Budget, while the money is directed where the RACQ would like to see it, is all about smoke and mirrors,” she said.

“There’s a lot of promises that depend on the Government being re-elected.”

She said some of the promised funding went well beyond the forward estimates out in the “never never”.

While she welcomed funding for the Brisbane Metro project, Pacific Motorway and Bruce Highway, Dr Michael said the devil was in the detail, as the Government had “underfunded and underdelivered”.

“What’s really disappointing is that the Federal Government announced $1 billion funding for the M1 (Gold Coast section), and next financial year we’ll see barely $100 million,” she said.

“We look at the urban congestion fund, which was touted as $1 billion congestion buster, but there’s no funding whatsoever in the 2018-19 financial year.”

She said while a combined $690 million had been promised to the Metro project and Sunshine Coast rail upgrade, only $10 million would be spent on each in the coming financial year.

“That’s only going to barely cover planning studies, so we would have much more of that money come forward to now,” she said.

“Unfortunately Queenslanders will only benefit if the Government spends every dollar making sure these projects happen.”

Dr Michael said it was disappointing that Cross River Rail had been snubbed, as it was a key piece of infrastructure that was needed to deliver the full benefits of projects such as the Metro.

Con and a fuking insult is the fudget budget sadly ...  >:D
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Online ozbob

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Re: Federal Budget 2018-19
« Reply #51 on: May 10, 2018, 02:40:05 AM »
Sunshine Coast Daily --> 'It's all made up': Why Budget is one huge lie

Quote
SEVEN years ago, Julia Gillard was prime minister and Wayne Swan was treasurer.

On Tuesday, Scott Morrison asked us to cast our imaginations a further seven years into the future to 2025, to imagine life under his "seven year personal income tax plan".

He may as well have stood up and said, "The seven years of personal income tax cuts I announce tonight", given they're about as likely to materialise as Mr Swan's "four years of surpluses".

 Forget the boring old four-year forward estimates period, or even the visionary 10-year horizon cooked up for the Coalition's mangled company tax cut plan - which is now starting to resemble Jeff Goldblum in The Fly.

Taking a cue from BuzzFeed, Mr Morrison has gone for an odd number to capture our attention. It's a move that could have been cooked up by Rob Sitch's bumbling political adviser in The Hollowmen - and the depressing thing is that's probably closer to the reality than most people would like to imagine.

Under the tax plan, low and middle income earners on up to $90,000 will get a tax cut of between $200-$530 a year, before some more minor tweaks to once again kick the bracket creep can down the road in 2022.

Bracket creep is the process by which people are pushed into higher tax brackets by inflation, despite getting no richer in real terms. The government could easily fix the problem by indexing the tax scales, but it refuses to do so because it would be giving up billions in free money every year.

In fact, UBS points out it was "unusually high" bracket creep that saw tax receipts boom 8.6 per cent to $445.1 billion in 2017-18. That, combined with better than expected economic growth, means the budget is some $42 billion better off over four years than predicted at the mid-year update.

 So it's a bit rich for Mr Morrison to pat himself on the back for "solving" the problem in four years' time. "I'm not handing anything out," he told 2GB. "It's their money, they earned it. I'm saying, I think you should keep it."

Beyond that, though, there are many reasons to believe most budgets aren't worth the paper they're printed on - not least because, like Mr Morrison, they always seem to be promising a pot of gold at the end of the rainbow, aka the forward estimates.

Each budget speech should really begin by paraphrasing Drew Carey. "Welcome to the budget, where everything's made up and the numbers don't matter."

It's worth looking at table number one under Statement Eight in Budget Paper One - which shows Treasury's domestic economic forecasts - and comparing them to previous years. They are consistently wrong, year after year.

 According to Tuesday's budget, for example, wages are expected to grow by 3.25 per cent in 2019-20 - that is, at the end of the rainbow - three quarters of a per cent above inflation.

That's compared with just 1.9 per cent in 2016-17, the same as the inflation rate. In 2015's budget, however, Treasury was forecasting wage growth in 2016-17 to come in at 2.75 per cent.

Going back further, 2014's budget forecast wage growth to come in at 3 per cent in 2015-16. The actual result? 2.1 per cent. And in 2013, the 2014-15 forecast was 3.5 per cent, compared with the actual result of just 2.3 per cent.

In other words, when Mr Morrison tells you your pay packet is going to grow by 3.25 per cent, he really means 2 per cent, give or take, if you're lucky. Of course, we'd all like to be proven wrong.

The massive headline change, however, won't come into effect until at least two elections and at this rate, at least three treasurers away - well beyond the feeble reach of Treasury's forecasters - when the second-highest tax bracket will be abolished completely.

That would mean anyone earning between $41,000 and $200,000 a year would pay the same tax rate of 32.5 per cent, but those earning over $200,000 would still pay the top rate of 45 per cent.

"Under the Turnbull government's personal tax plan most working Australians earning above $41,000 are likely to never face a higher marginal tax rate through their entire working life," Mr Morrison said in his Budget speech, in a line presumably intended to sound encouraging but which came off as slightly depressing.

He sounded like an elderly loved one telling you you've gotten fat. Yes, we know we're probably never going to earn over $200,000, but you don't have to rub it in.

The bottom line though, is if this was supposed to be an election bribe with the promise of more to come, it was pretty rubbish one. It's like a drug dealer trying to get you hooked on heroin by giving you a Panadol.

Here's a tip, guys. When you've got nothing left to lose, you might as well act like it and do some crazy sh%t. Abolish all taxes for anyone whose name starts with 'J'. Give everyone a second birthday. Bring back Cheez TV. Anything to get people interested.

Because will whoever is Treasurer in seven years seriously honour Mr Morrison's 2018 thought bubble? One person might - and that's ScoMo. Better vote them back in, then.
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